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Situs Plans to Rebrand GSSG After Purchase

Houston-The Situs Cos. here through a German affiliate have purchased Global Servicing Solutions Germany GmbH, a primary and special commercial servicing joint venture between Ocwen Financial and Merrill Lynch (Bank of America) that it plans to brand as Situs Global Servicing.

Through the acquisition, Situs said it plans to "put the service back into the loan servicing business," according to Joe Kastrup, managing director and head of Situs European Servicing. He said Situs plans to focus on "best of class" service "in a market that has been overwhelmed by mounting delinquencies, which have resulted in overall declining customer satisfaction."

Financial terms of the transaction were not disclosed.

The acquired firm and its multilingual staff are slated to remain in GSSG's offices outside Frankfurt, Germany.

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